• Home
  • About
  • Contact
  • Privacy
  • Terms
  • DCMA
  • Write For Us / Submit
Tech News, Magazine & Review WordPress Theme 2017
  • Tech
    transfer whatsapp from android to iphone

    How to Transfer WhatsApp from Android to iPhone!

    Understanding the Role of Humidity Chambers in Climate Testing

    Understanding the Role of Humidity Chambers in Climate Testing

    Everything You Get to Know About Movember Beard Memes

    Everything You Get to Know About Movember Beard Memes

    Best Book Recommendation Apps

    11 Best Book Recommendation Apps

    How to quickly divide or Split PDF files

    How to Quickly Divide or Split PDF Files

    Enhance your omnichannel service strategies with data-driven insights.

    Black Market for Fraudulent Ad Accounts Found on Facebook

    Sen. Mark Warner and Sen. Marco Rubio at a hearing.

    Trump’s TikTok ban might have been right after all

    14 Gift Ideas for the Home Chef (2022): Vitamix, Cookbooks, and More

    14 Gift Ideas for the Home Chef (2022): Vitamix, Cookbooks, and More

    6 Android Apps for Budget Management

    Twitter, Facebook, Lyft layoffs spark fears of dotcom crash 2.0

  • Gear
    • All
    • Camera
    • Laptop
    • Smartphone
    Latest Smart Home Gadgets for a Connected Life

    Latest Smart Home Gadgets for a Connected Life

    Eco-Friendly Products for Students

    Eco-Friendly Products for Students

    Essential Photography Equipment and Gadgets

    Mastering Your Shots: Essential Photography Equipment and Gadgets

    Level Up Your Game: Must-Have Gaming Gear!

    Level Up Your Game: Must-Have Gaming Gear!

    Pixel Watch in the test

    Google Pixel Watch in the Test

    Top 5 Websites To Buy Camera Lenses At Reasonable Price

    Top 5 Websites To Buy Camera Lenses At Reasonable Price

    Trending Tags

    • Best iPhone 7 deals
    • Apple Watch 2
    • Nintendo Switch
    • CES 2017
    • Playstation 4 Pro
    • iOS 10
    • iPhone 7
    • Sillicon Valley
  • Gaming
    7 Powerful Strategies to Overcome Video Game Addiction and Reclaim Your Life

    7 Powerful Strategies to Overcome Video Game Addiction and Reclaim Your Life

    Powerful Ways Xbox Cloud Gaming is Revolutionizing the Gaming World

    5 Powerful Ways Xbox Cloud Gaming is Revolutionizing the Gaming World

    9 Best Alternative Games Like Kahoot

    9 Best Alternative Games Like Kahoot

    The Top 8 Free Bubble Shooter Games for Endless Entertainment

    The Top 8 Free Bubble Shooter Games for Endless Entertainment

    Cloud Gaming Revolution: How Streaming is Changing the Future of Gaming

    Cloud Gaming Revolution: How Streaming is Changing the Future of Gaming

    Level Up Your Game: Must-Have Gaming Gear!

    Level Up Your Game: Must-Have Gaming Gear!

  • Crypto
    transfer whatsapp from android to iphone

    How to Transfer WhatsApp from Android to iPhone!

    Understanding the Role of Humidity Chambers in Climate Testing

    Understanding the Role of Humidity Chambers in Climate Testing

    Everything You Get to Know About Movember Beard Memes

    Everything You Get to Know About Movember Beard Memes

    Best Book Recommendation Apps

    11 Best Book Recommendation Apps

    How to quickly divide or Split PDF files

    How to Quickly Divide or Split PDF Files

    Enhance your omnichannel service strategies with data-driven insights.

    Black Market for Fraudulent Ad Accounts Found on Facebook

    Sen. Mark Warner and Sen. Marco Rubio at a hearing.

    Trump’s TikTok ban might have been right after all

    14 Gift Ideas for the Home Chef (2022): Vitamix, Cookbooks, and More

    14 Gift Ideas for the Home Chef (2022): Vitamix, Cookbooks, and More

    6 Android Apps for Budget Management

    Twitter, Facebook, Lyft layoffs spark fears of dotcom crash 2.0

  • Business
    transfer whatsapp from android to iphone

    How to Transfer WhatsApp from Android to iPhone!

    Understanding the Role of Humidity Chambers in Climate Testing

    Understanding the Role of Humidity Chambers in Climate Testing

    Everything You Get to Know About Movember Beard Memes

    Everything You Get to Know About Movember Beard Memes

    Best Book Recommendation Apps

    11 Best Book Recommendation Apps

    How to quickly divide or Split PDF files

    How to Quickly Divide or Split PDF Files

    Enhance your omnichannel service strategies with data-driven insights.

    Black Market for Fraudulent Ad Accounts Found on Facebook

    Sen. Mark Warner and Sen. Marco Rubio at a hearing.

    Trump’s TikTok ban might have been right after all

    14 Gift Ideas for the Home Chef (2022): Vitamix, Cookbooks, and More

    14 Gift Ideas for the Home Chef (2022): Vitamix, Cookbooks, and More

    6 Android Apps for Budget Management

    Twitter, Facebook, Lyft layoffs spark fears of dotcom crash 2.0

No Result
View All Result
Geeky Insider
  • Tech
    transfer whatsapp from android to iphone

    How to Transfer WhatsApp from Android to iPhone!

    Understanding the Role of Humidity Chambers in Climate Testing

    Understanding the Role of Humidity Chambers in Climate Testing

    Everything You Get to Know About Movember Beard Memes

    Everything You Get to Know About Movember Beard Memes

    Best Book Recommendation Apps

    11 Best Book Recommendation Apps

    How to quickly divide or Split PDF files

    How to Quickly Divide or Split PDF Files

    Enhance your omnichannel service strategies with data-driven insights.

    Black Market for Fraudulent Ad Accounts Found on Facebook

    Sen. Mark Warner and Sen. Marco Rubio at a hearing.

    Trump’s TikTok ban might have been right after all

    14 Gift Ideas for the Home Chef (2022): Vitamix, Cookbooks, and More

    14 Gift Ideas for the Home Chef (2022): Vitamix, Cookbooks, and More

    6 Android Apps for Budget Management

    Twitter, Facebook, Lyft layoffs spark fears of dotcom crash 2.0

  • Gear
    • All
    • Camera
    • Laptop
    • Smartphone
    Latest Smart Home Gadgets for a Connected Life

    Latest Smart Home Gadgets for a Connected Life

    Eco-Friendly Products for Students

    Eco-Friendly Products for Students

    Essential Photography Equipment and Gadgets

    Mastering Your Shots: Essential Photography Equipment and Gadgets

    Level Up Your Game: Must-Have Gaming Gear!

    Level Up Your Game: Must-Have Gaming Gear!

    Pixel Watch in the test

    Google Pixel Watch in the Test

    Top 5 Websites To Buy Camera Lenses At Reasonable Price

    Top 5 Websites To Buy Camera Lenses At Reasonable Price

    Trending Tags

    • Best iPhone 7 deals
    • Apple Watch 2
    • Nintendo Switch
    • CES 2017
    • Playstation 4 Pro
    • iOS 10
    • iPhone 7
    • Sillicon Valley
  • Gaming
    7 Powerful Strategies to Overcome Video Game Addiction and Reclaim Your Life

    7 Powerful Strategies to Overcome Video Game Addiction and Reclaim Your Life

    Powerful Ways Xbox Cloud Gaming is Revolutionizing the Gaming World

    5 Powerful Ways Xbox Cloud Gaming is Revolutionizing the Gaming World

    9 Best Alternative Games Like Kahoot

    9 Best Alternative Games Like Kahoot

    The Top 8 Free Bubble Shooter Games for Endless Entertainment

    The Top 8 Free Bubble Shooter Games for Endless Entertainment

    Cloud Gaming Revolution: How Streaming is Changing the Future of Gaming

    Cloud Gaming Revolution: How Streaming is Changing the Future of Gaming

    Level Up Your Game: Must-Have Gaming Gear!

    Level Up Your Game: Must-Have Gaming Gear!

  • Crypto
    transfer whatsapp from android to iphone

    How to Transfer WhatsApp from Android to iPhone!

    Understanding the Role of Humidity Chambers in Climate Testing

    Understanding the Role of Humidity Chambers in Climate Testing

    Everything You Get to Know About Movember Beard Memes

    Everything You Get to Know About Movember Beard Memes

    Best Book Recommendation Apps

    11 Best Book Recommendation Apps

    How to quickly divide or Split PDF files

    How to Quickly Divide or Split PDF Files

    Enhance your omnichannel service strategies with data-driven insights.

    Black Market for Fraudulent Ad Accounts Found on Facebook

    Sen. Mark Warner and Sen. Marco Rubio at a hearing.

    Trump’s TikTok ban might have been right after all

    14 Gift Ideas for the Home Chef (2022): Vitamix, Cookbooks, and More

    14 Gift Ideas for the Home Chef (2022): Vitamix, Cookbooks, and More

    6 Android Apps for Budget Management

    Twitter, Facebook, Lyft layoffs spark fears of dotcom crash 2.0

  • Business
    transfer whatsapp from android to iphone

    How to Transfer WhatsApp from Android to iPhone!

    Understanding the Role of Humidity Chambers in Climate Testing

    Understanding the Role of Humidity Chambers in Climate Testing

    Everything You Get to Know About Movember Beard Memes

    Everything You Get to Know About Movember Beard Memes

    Best Book Recommendation Apps

    11 Best Book Recommendation Apps

    How to quickly divide or Split PDF files

    How to Quickly Divide or Split PDF Files

    Enhance your omnichannel service strategies with data-driven insights.

    Black Market for Fraudulent Ad Accounts Found on Facebook

    Sen. Mark Warner and Sen. Marco Rubio at a hearing.

    Trump’s TikTok ban might have been right after all

    14 Gift Ideas for the Home Chef (2022): Vitamix, Cookbooks, and More

    14 Gift Ideas for the Home Chef (2022): Vitamix, Cookbooks, and More

    6 Android Apps for Budget Management

    Twitter, Facebook, Lyft layoffs spark fears of dotcom crash 2.0

Submit
Geeky Insider
No Result
View All Result

China’s international blockchain push may face Huawei-like obstacles

by Staff Writer
October 4, 2022
in Crypto
Reading Time: 6 mins read
yifan he
Share on FacebookShare on Twitter

China’s Blockchain-based Service Network (BSN), a state-backed consortium tasked to build a domestic digital infrastructure, wants to go international but some experts said BSN’s links to Beijing could be a challenge overseas amid concerns about data security and privacy.

BSN describes itself in a user manual for potential clients as a worldwide infrastructure network that provides a one-stop-shop for blockchain and distributed ledger technology and decentralized applications (DApps). 

Table of Contents

  • READ ALSO
  • FTX collapse: The latest updates on the cryptocurrency crisis
  • Mining rig maker Canaan’s stocks fall as Q3 profits shrink
    • Next steps
    • Not so?
    • U.S. pushback?
    • Crypto BSN?
    • Expansion route

READ ALSO

FTX, authorities investigate potential US$477 mln theft

FTX hacker becomes 35th largest Ethereum holder

November 15, 2022
Ripple Vs SEC Images

Coinbase officially weighs in to support Ripple against SEC

November 15, 2022

BSN, which doesn’t build blockchains itself, does offer programming, software development and other services, according to the manual. It has said it aims to build a global network that will allow connectivity between different blockchains to improve efficiency and cut costs for clients.

But in the drive to go global, BSN will need to convince potential overseas clients that the company is independent of China state control, that data is safe, and that transactions won’t be censored, Zennon Kapron, founder of fintech consultancy Kapronasia, told Forkast.

“Those kinds of questions are going to be critical questions for them to overcome,” Kapron said.

Such issues may become more pressing as BSN on Sept. 6 launched its Spartan Network, which it said is an international platform for public blockchains and only available outside of the Chinese mainland. 

Next steps

BSN Spartan was developed by Hong Kong-based Red Date Technology Ltd, which Beijing tapped to design and build China’s domestic blockchain infrastructure. 

Red Date, which the company said has around 200 employees, built a track record in China helping to design so-called “smart cities.” It handles R&D, maintenance and daily operations for BSN, according to Hong Kong’s WHUB startup website.    

“I would emphasize the point that BSN is going to be challenged by its image,” Yaya Fanusie, an adjunct senior fellow at Washington-based think tank Center for a New American Security and a former Central Intelligence Agency analyst, told Forkast. 

“BSN has had this Chinese government brand. My sense is that Spartan is really just a rebranding,” said Fanusie, who also testified before a U.S. Congress panel last year about BSN.

BSN is China’s attempt to “build the infrastructure for Web 3.0, the next level of the internet or the next evolution of the internet,” he said.

“The founders and the Chinese government really want to see infrastructure that the rest of the world uses but which is under Chinese control, or at least where the Chinese state has influence over that infrastructure,” Fanusie said in the Forkast interview.

BSN has powerful backers in China, including the National Development and Reform Commission (NDRC), which sets and executes national economic policy. The NDRC also implements the Communist Party of China Central Committee’s policies and decisions on development and reform, according to the commission’s website. 

Other BSN partners include China Mobile Communications Group, a state-owned telecommunications company that is the biggest in the country; and China UnionPay, a financial services company that is also state-owned.  

Not so?

However, Tim Bailey, vice president of global sales at Red Date Technology, said the Chinese government has no involvement in BSN’s international network.

Bailey, who spoke with Forkast on Sept. 14 from Ireland when on a roadshow to showcase BSN Spartan, said the new network is solely funded by Red Date’s Hong Kong entity. It will be governed by the BSN Foundation in Singapore, with members including Red Date and a number of “global firms” that will be disclosed soon.

“Red Date will certainly be the only Chinese company in the first 10 members [of the foundation]. The others are all global companies,” Bailey said. “We believe it’s very important in order for BSN Spartan to be accepted as a global network that the governance is also global.”

Bailey added that BSN Spartan’s code is open-source. “It’s completely open and transparent. The approach that we’re trying to take is just be very open about what we’re doing.”

yifan heRed Date Technology CEO Yifan He spoke at the BSN Spartan Network launch event in Hong Kong on Sept. 6. Image: Ningwei Qin, Forkast

U.S. pushback?

The launch of BSN Spartan reflects China’s ambition to build the infrastructure for Web3, but there has been little pushback from the U.S. government so far, said Fanusie.

“I would say the BSN is a very, very small niche policymaker interest,” Fanusie said. “Those in government that are concerned about technology and the competition with China are looking at it,” Fanusie added. “But it’s not the highest priority issue yet.”

Fanusie said that some policymakers see the concerns that the U.S. government had with global telecommunications supplier Huawei Technologies Co. and 5G infrastructure development repeated with BSN and blockchain.

Huawei was a leader in development of 5G cell phone networks until the U.S. and many of its allies banned use of its equipment in their telecommunication systems, citing the company’s links to the Chinese government as a national security concern. 

“If the BSN right now is maybe a little footnote, it’s only going to become potentially more of a headline because it relates to clear national security issues that the United States has with China,” Fanusie said.

Crypto BSN?

The BSN Spartan Network supports three public chains – Ethereum, Cosmos and PolygonEdge – in “non-crypto versions” that are hard forks of their original public chain frameworks, BSN said in its whitepaper released in September.

Such a non-crypto foundation, which is in line with China’s stance after it banned crypto trading last September, could appeal to some businesses that want to test blockchain capabilities, but are put off by crypto’s price volatility, according to BSN.

However, that doesn’t mean developers can’t issue tokens or cryptocurrencies with their layer 2 applications on Spartan, Yifan He, an MIT graduate and the chief executive officer of Red Date, told Forkast in an interview for an upcoming Word on the Block episode.

“We also welcome crypto industry [players] to build layer 2 crypto on Spartan Network,” He said. 

Bailey added that the BSN team believes if a developer or a business wants to use public chain technology, they shouldn’t have to be involved in cryptocurrencies. “But we also believe that if a developer or an organization wants to create a cryptocurrency, that’s fine. They can do that on layer 2 at the application level.”

While BSN Spartan takes credit card payments via fiat currency for gas fees, it also allows anonymous payments made with U.S. dollar-pegged stablecoin USDC, according to BSN.

“They’re trying to appeal to both sides,” Fanusie said. “They’re offering stablecoin [as a payment option] because they don’t want to shut people off globally.”

Expansion route

He and Bailey left on a roadshow to promote BSN Spartan soon after its Sept. 6 debut in Hong Kong. Destinations include Ireland, London, Istanbul, Dubai, Bahrain, Saudi Arabia and Singapore, according to Bailey.

BSN aims to be a global network, but will have more buy-in in the region near China, Fanusie said. “Why? Because there are more direct ties to Chinese tech investment.”

“You have Chinese entrepreneurs in Singapore and elsewhere within East Asia and Southeast Asia. Those areas are probably areas where I think the China connection may be less of a hindrance,” Fanusie added.

Companies in nations that have worked with China’s Belt and Road Initiative would make sensible potential customers for BSN, according to Kapron.

It would be straightforward for countries, such as some Central Asia nations, that have already made decisions to partner with China to use BSN, said Kapron.

“But for countries that are not as politically entwined with China in those ways or have as many partnerships, then the question is a little bit more difficult.”



Source by forkast.news

Related Posts

Understanding Blockchain Technology
Crypto

7 Astonishing Ways Blockchain Technology

September 26, 2023
winter landscape with mixed snow
Crypto

Crypto winter may last until end of 2023: Coinbase research

November 16, 2022
Vitalik Buterin, founder of Ethereum sff 2022
Crypto

Ethereum’s Vitalik explains what ETH merge means for users

November 16, 2022
Nike launches NFT platform to sell virtual shoes and jerseys
Crypto

Nike launches NFT platform to sell virtual shoes and jerseys

November 15, 2022

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Recommended.

CEO Steve Jobs introduced the cell phone in January 2007

Happy 15th to iPhone! Read how the smartphone has changed our lives!

July 1, 2022
How to Back Up Your Digital Life (2022): Hard Drives, Cloud-Based Tools, and Tips

How to Back Up Your Digital Life (2022): Hard Drives, Cloud-Based Tools, and Tips

September 26, 2022

Trending.

MicroSD card in hand.

How to Move Apps to SD Card on an Amazon Fire Tablet

October 5, 2022
Google's No Internet Dino game running on a laptop computer

How to Hack the Hidden Google Chrome Dinosaur Game

October 23, 2022
Symbolic Link Header Image. A Windows folder on a blue background.

The Complete Guide to Creating Symbolic Links (aka Symlinks) on Windows

July 27, 2022
Codec logo from Windows 10's Store.

How to Install Free HEVC Codecs on Windows 10 (for H.265 Video)

October 16, 2022
Employee Payroll Management Software Simplifying Processes

Employee Payroll Management Software: Simplifying Processes

August 23, 2023
Geeky Insider

Geeky Insider is Web based independent Tech Magazine covering Topics Related to Technology, Gadgets, Software, Gaming, Crypto, Business And So on. Read More...

Submit a Techy Post | Write For Us

Feel free to contact us for submission queries. via contact form or email us at [email protected].

Categories

  • Android
  • Apple
  • Apps And Softwares
  • Articles
  • Business
  • Camera
  • Crypto
  • Education
  • Entertainment
  • Gadget and Gear
  • Gaming
  • How To
  • Laptop
  • Marketing
  • Microsoft
  • Review
  • Security
  • Smartphone
  • Technology
10 Essential entrepreneurs' characteristics For Success

10 Essential Entrepreneurs’ Characteristics For Success

September 28, 2023
Understanding Blockchain Technology

7 Astonishing Ways Blockchain Technology

September 26, 2023
7 Powerful Strategies to Overcome Video Game Addiction and Reclaim Your Life

7 Powerful Strategies to Overcome Video Game Addiction and Reclaim Your Life

September 26, 2023
  • Home
  • About
  • Contact
  • Privacy
  • Terms
  • DCMA
  • Write For Us / Submit

© 2022 GeekyInsider.com

No Result
View All Result
  • Home
  • Review
  • Apple
  • Gaming
  • Gadget and Gear
    • Camera
    • Smartphone
  • Microsoft
  • Security